Legal News

Annette Bongiorno Claimed Not to Have Known that Backdating was Illegal
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

It is important for business ethics that there be accountability. Annette Bongiorno has been accused by prosecutors of arranging for fake trades to be recorded in customer accounts using historical stock prices, concealing the fact that no trading was taking place at all in the firm’s investment advisory business. Longtime assistant to Bernard Madoff, Annette Bongiorno testifyed in her own defense and The Chicago Tribune reported that, during her 40 year career, Bongiorno never knew she was aiding Madoff in his massive scheme. She reported that her duties included backdating trades and turning stocks into bonds.

Bloomberg News has reported that also on trial with Annette Bongiorno are former director of operations Daniel Bonventre, Joann Crupi who managed clients’ investment accounts, and computer programmers Jerome O’Hara and George Perez.

  
What
Where


All five defendants have said they were unaware that Bernie Madoff, who pleaded guilty without standing trial and is serving a 150-year prison sentence, was running a Ponzi scheme. Even though Bongiorno was employed since on or about July 1968, according to www.justice.gov, Bernie Madoff is the former non-executive chairman of the NASDAQ stock market, and the admitted operator of a Ponzi scheme that is considered to be the largest financial fraud in U.S. history. The scam defrauded thousands of investors of billions of dollars.

“He told me what to do,” Annette Bongiorno said, referring to Bernie Madoff. Bongiorno stated in Manhattan federal court that “If I didn’t, it’s because I forgot — I was scared,” according to Bloomberg News.

Annette Bongiorno testified that her Madoff investment accounts held approximately $50 million collectively at the time the scam collapsed and according to Bloomberg News, Bernard Madoff claimed he alone orchestrated his $65 billion scam. According to the prosecution Madoff and his accomplices created false records and invented exotic trading schemes to explain the firm’s consistent high returns. In fact “the truth was that Madoff and his co-conspirators – with very rare exception – were not making any trades at all,” the indictment said.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




Image Credit: www.article.wn.com





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Mid-Level Commercial Business Litigator

USA-CA-Los Angeles

Los Angeles office is seeking a commercial business litigation attorney with 2-5 years of experience...

Apply Now

Senior Level Litigator

USA-CA-Woodland Hills

Woodland Hills office is seeking a litigation attorney with 5-7 years of experience and a background...

Apply Now

Litigation Associate Attorney

USA-CT-Stamford

Stamford office of our client seeks litigation associate attorney with 3+ years of experience. The c...

Apply Now

Experienced Estate Planning Attorney

USA-CA-Torrance

Torrance office is seeking an estate planning attorney with 7-10 years of experience.

Apply Now

RELEVANT JOBS

Patent / IP Paralegal

USA-WA-Seattle

Patent / IP Paralegal This is an exciting opportunity to work for one of the top law firms in the...

Apply now

Associate Attorney

USA-TX-Sugar Land

Insurance Defense firm seeks an Associate Attorney with a MINIMUM of 3-5 years\' experience in litig...

Apply now

Litigation Associate Attorney

USA-CA-Los Angeles

Statewide, growing, litigation law firm, named one of the Top Boutique Law Firms in California by th...

Apply now

Associate Attorney - Insurance Defense Litigation

USA-NY-Huntington

Growing Long Island insurance defense firm seeking 1 to 5 year associate attorney for their Hun...

Apply now

SEARCH IN ARCHIVE

To Top